File image: IOL
File image: IOL

WATCH: Rand recovers overnight

By Compiled by Dhivana Rajgopaul Time of article published Sep 12, 2019

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JOHANNESBURG - The rand traded on the front foot during the early European session as global risk appetite was boosted by expectations that the ECB will announce a comprehensive easing package at Thursday’s rate-setting meeting, although the South African unit succumbed to pressures exerted by negative domestic releases later during the trading session according to NKC Research. 

Sentiment soured as the RMB/BER business confidence index plummeted to 21 pts in Q2 – well below the 50-mark separator between net positive and negative territories. At the close of local trade, the rand quoted 0.76 percent weaker at R14.73/$. The rand managed to recover overnight. Expected range today R14.55/$ - R14.75/$.

South African bourse

The JSE All Share (+1.64 percent) ended higher yesterday, in step with global stock markets. In local news, Naspers spin-off Prosus surged higher when it listed on the Amsterdam stock exchange yesterday. The move will lower Naspers’s weighing on the JSE considerably. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.88 percent) traded higher.

Brent crude oil

The Brent oil price oscillated yesterday, with the latest data from the American Petroleum Institute (API) showing US crude inventories fell by 7.2 million barrels last week. At the close of local trade, benchmark Brent crude futures quoted 0.32 percent lower at $62.55pb. Crude prices fell sharply after local markets closed on the news that US President Donald Trump fired National Security Advisor John Bolton. The development appeared to ease supply fears.

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